S&P 500 still trapped - breakout soon?
S&P 500 has been trapped by several trend lines and inside a down channel since its blow off top. It still can't seem to create enough bullish momentum to break above the trend line, but not enough bearish pressure to break it down. It is sitting right on the support line of the up channel from March. As the edge of the channel approaches will that be enough to force it one way of the other? A break up can take us back near or to the ATH for a double top. A break down should signal a much more correction is close.
Excuse all of the lines.
Excuse all of the lines.
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